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I recommend Larry Connors's "High Probability ETF Trading". Although this book is written with ETFs in mind for the systems, the RSI and 200 period SMA principles can be applied to other time frames. I have found it particularly effective to determine whether or not an index is overbought/oversold using daily time frames as discussed by Connors, and use this to determine my intraday trading context. For example, the NASDAQ ETF QQQ showed an overbought 3-day RSI exceeding 95 on Monday, and the NQ has been down as much as 200 points since Monday's close. No guarantees, but having a multi-day context of the price action does contribute perspective towards intraday risks you should, and just as importantly, should not consider. As of the close today, the QQQ 3-day RSI is at about 5, indicating that it is oversold. This indicates a bullish intraday bias going into tomorrow since the market is currently trading above the 200-day SMA. However, be warned that markets can remain in an Overbought or Oversold condition for several days during a trend change. At the very least, if you absolutely insist on catch "falling knives", at least wait until the 3-day RSI is under 5, and for goodness sake not when the RSI is over 90...
As a follow-on, I found Connors's recent effort "Buy the Fear, Sell the Greed" interesting, especially the discussion on the VXX.
don't mean to hijack this thread but does anyone have any ideas how one could backtest a different version of the darlings of the dow that Williams and others tout ? What is a good piece of software that is easy to use? I have his current stock course and one of the methods is reported to average 20% a year.....well, I'd like to find out if it's true......I don't have his books but the stock course seems well done.........
I think TradeStation is the software that has the most Larry Williams tools. I have read his books that focused on futures and he is very forthcoming about how his proprietary indicators are built. But some of the indicators (like sentiment) are built on data that he collects himself and isn't available anywhere else. So you must acquire access to his licensed indicators through trading platforms that he works with. After watching Larry TV I believe that he uses two different software platforms to find seasonal patterns, Trade navigator and timing solutions.
Finding the "darlings of the dow" would be easy using a bloomberg terminal. But if that is too expensive you should check out Koyfinhttps://www.koyfin.com/home. It's free website that is trying to mimic bloomberg. It's definitely NOT a bloomberg terminal but it has some great features that are very helpful and it's geared towards equities trading. One feature is direct access to a snapshot of fundamental financial reports.
As for timing your entries you would have to go with tradenavigator/timing solutions. Or find a data source and do it in excel.....
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Larry Williams doesn't teach to trade intra day. He trades of the daily chart. The COT indicators are good for trading on the Daily chart but I don't see much use for them in intra day trading.
I have no idea about his courses and will not hand over any of my money to Larry Williams to buy his courses, but I'll say that he's one of few educators I've come across which actually makes sense. I read his book called Long Term Secrets to Short Term Trading and it had some good ideas and statistics.
Larry also correctly called the bull run following the covid drop.
